Ge Long Hui·2025-10-21 05:28Core Insights - UBS reported that China Mobile's service revenue for Q3 was 216.2 billion yuan, representing a year-on-year growth of 0.8%, in line with market expectations [1] - Due to macroeconomic headwinds, EBITDA decreased by 1.7% year-on-year to 79.4 billion yuan, which was 3% lower than market expectations [1] - Net profit saw a slight increase of 1.4% year-on-year, primarily due to reduced depreciation and amortization expenses following peak capital expenditures, which partially offset the rise in operating expenses [1] Financial Projections - Following the earnings announcement, UBS adjusted its forecasts, maintaining revenue estimates for 2025 to 2027 while slightly lowering net profit estimates by 0% to 1% to reflect a slight decline in profitability under macroeconomic pressures [1] - UBS moved its DCF model forward by three months and slightly reduced the target price from 102 HKD to 100 HKD, indicating a projected dividend yield of 5.7% for 2026, compared to the current trading level's yield of 6.7% [1]